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September 2017 Norwalk Rent Report

Welcome to the September 2017 Norwalk Rent Report. Norwalk rents declined over the past month. In this report, we'll evaluate trends in the Norwalk rental market, including comparisons to similar cities nationwide.

Norwalk rents declined significantly over the past month

Norwalk rents have declined 0.5% over the past month, but have increased marginally by 0.6% in comparison to the same time last year. Currently, median rents in Norwalk stand at $1,350 for a one-bedroom apartment and $1,700 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in June. Norwalk's year-over-year rent growth lags the state average of 1.3%, as well as the national average of 3.0%.

Many large cities nationwide show more affordable rents compared to Norwalk

Rent growth in Norwalk has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Compared to most large cities across the country, Norwalk is less affordable for renters.

Norwalk's median two-bedroom rent of $1,700 is above the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 0.6% increase in Norwalk.

While rents in Norwalk remained moderately stable this year, similar cities saw increases, including Seattle (+5.4%), Phoenix (+4.9%), and Denver (+3.0%); note that median 2BR rents in these cities go for $1,710, $1,020, and $1,350 respectively.

Renters will generally find more expensive prices in Norwalk than most large cities. For example, Detroit has a median 2BR rent of $890, where Norwalk is nearly twice that price.

For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.